Nextera Energy, Inc. · NYSE:NEE
Nextera Energy — Q1 2025 Earnings Presentation
34 slides from Nextera Energy's earnings presentation, Apr 23, 2025
Slide 1: First Quarter 2025 Earnings Conference Call
First Quarter 2025 Earnings Conference Call April 23, 2025 NextEra Energy 1
Slide 2: Cautionary Statements and Risk Factors That May Affect Future Results
Cautionary Statements and Non-GAAP Financial Other Risk Factors That May Affect Information See Appendix for definition of Future Results This presentation refers to Adjusted Earnings, Adjusted This presentation includes certain financial measures that EBITDA and Adjusted EBITDA forward-looking stat
Slide 3: NextEra Energy delivered solid first quarter results growing adjusted EPS nearly 9%
NextEra Energy delivered solid first quarter results growing adjusted earnings per share by nearly 9% year-over-year NextEra Energy Results – First Quarter Adjusted Earnings Adjusted EPS ($ MM) $2,038 $0.99 $1,873 $0.91 2024 2025 2024 2025 NextEra Energy 3
Slide 4: Increasing demand requires cost-effective renewable and storage solutions now
Increasing demand requires cost-effective renewable and storage solutions now, with gas and nuclear expected to further supplement in the next decade Estimated U.S. Cumulative Nameplate Capacity Additions1 Expected Deployment Timelines by Generation Type GW ~450 Today 2030 2035 2040+ ~375 Renewables
Slide 5: Florida Power & Light continues to make smart capital investments
Florida Power & Light continues to make smart capital investments, be an industry leader on costs and deliver high reliability while keeping bills low for its customers FPL added more than 1.3 million customer accounts in the last 20 years FPL solar and storage fleet now totals ~8.4 GW On February 2
Slide 6: Energy Resources had another strong quarter of new renewables and storage origination
Energy Resources had another strong quarter of new renewables and storage origination Added ~3.2 GW of renewables and storage to the backlog Fifth quarter of the past seven to add more than 3 GW to its backlog Grew adjusted earnings by nearly 10% compared to prior quarter By the end of 2027, Energy
Slide 7: NextEra Energy has diversified and domesticated its supply chain
NextEra Energy has spent the last few years diversifying and domesticating its supply chain Illustrative Indicative Capacity Payment1 SPP Levelized Cost of Capacity, $/kW-mo, 2030 Energy Resources fully sources wind turbines >2x in the U.S. with manufacturing in Florida $21–23 $16–18 Diversified glo
Slide 8: NextEra Energy
NEXTeCra’ ENERGY &
Slide 9: FPL's earnings per share increased 7 cents from the prior-year quarter
FPL’s earnings per share increased 7 cents from the prior-year comparable quarter FPL Results – First Quarter Net Income EPS ($ MM) $1,316 $0.64 $1,172 $0.57 2024 2025 2024 2025 NextEra Energy 9
Slide 10: FPL investments continue to focus on keeping bills low while delivering reliability
FPL investments continue to focus on keeping bills low while delivering reliable electricity FPL EPS Contribution Drivers EPS Growth Regulatory Capital Employed2 ($ B) First ~8.1% Quarter Growth $71.4 FPL – 2024 Adjusted EPS $0.57 $66.0 Drivers: New investments $0.04 Other1, including share dilution
Slide 11: FPL continues to identify smart capital investments
FPL continues to identify smart capital investments to further improve the customer value proposition FPL placed into service nearly 900 MW of new cost-effective solar The Ten Year Site Plan projects the need for over 17 GW of cost-effective, solar generation and nearly 8 GW of battery storage Ten Y
Slide 12: FPL submitted testimony for the 2025 base rate proceeding
FPL submitted testimony to the Florida Public Service Commission on February 28 for the 2025 base rate proceeding Proposal includes base rate adjustment requests of ~$1.6 B in 2026 and ~$0.9 B for 2027, as well as continued recovery through Solar and Battery Base Rate Adjustment (SoBRA) mechanism in
Slide 13: Florida's economy remains healthy, with strong customer growth
Florida’s economy remains healthy, and FPL’s retail sales continue to see positive impacts from strong customer growth Florida Economy & Customer Characteristics Retail kWh Sales (Change vs. prior-year) Customer Growth1,2 (Change vs. prior-year quarter; 000s) First Vero 140 Impact 107.9 Quarter 120
Slide 14: Energy Resources' adjusted earnings increased nearly 10%
NextEra Energy Resources’ adjusted earnings increased nearly 10% from the prior- year comparable quarter NextEra Energy Resources Results1 – First Quarter GAAP2 Adjusted Net Income EPS Net Income EPS ($ MM) ($ MM) $966 $0.47 $908 $0.44 $828 $0.40 $172 $0.08 2024 2025 2024 2025 2024 2025 2024 2025 1.
Slide 15: Energy Resources' growth driven by new power generation and storage additions
NextEra Energy Resources’ growth was driven by new additions to our power generation and storage portfolio NextEra Energy Resources First Quarter 2025 Adjusted EPS1 Contribution Drivers $0.12 ($0.03) ($0.01) $0.01 ($0.05) $0.44 $0.40 Q1 2024 New Existing Customer NEET Other Q1 2025 Adjusted EPS Inve
Slide 16: Energy Resources added approximately 3.2 GW to the backlog
NextEra Energy Resources had a strong quarter of new renewables and storage origination, adding approximately 3.2 GW to the backlog NextEra Energy Resources Development Program1 ~3.2 GW of new renewable and 2024–2025 2024–2025 2026–2027 2026–2027 2024–2027 storage added to the backlog COD & Backlog
Slide 17: NextEra Energy's adjusted EPS increased nearly 9% year-over-year
NextEra Energy’s adjusted earnings per share increased nearly 9% year-over-year NextEra Energy EPS Summary – First Quarter GAAP Q1 2024 Q1 2025 Change FPL $0.57 $0.64 $0.07 NextEra Energy Resources $0.47 $0.08 ($0.39) Corporate and Other $0.06 ($0.32) ($0.38) Total $1.10 $0.40 ($0.70) Adjusted Q1 20
Slide 18: NextEra Energy remains well positioned to continue adjusted EPS growth
NextEra Energy remains well positioned to continue our strong adjusted earnings per share growth NextEra Energy’s Financial Expectations1 6%–8% off 2024 adjusted EPS range2 $3.85– $4.32 • Expect 6 to 8% annual growth rate through $3.63– 2027, off the 2024 adjusted EPS $4.00 $3.45– expectations range
Slide 19: Q&A Session
Q&A Session NExTera’ ENERGY Z
Slide 20: Appendix
Appendix NExTera’ ENESGY
Slide 21: Well positioned to navigate the current interest rate environment
NextEra Energy is well positioned to navigate the current interest rate environment Interest Rate Sensitivity Estimated Adjusted EPS Impact of +50 bps Interest Rate Increase1 2025 2026 2027 ($0.00)–($0.02) ($0.01)–($0.03) ($0.02)–($0.04) NextEra Energy’s notional interest rate hedges total nearly $3
Slide 22: Potential drivers of variability to adjusted EPS
Potential drivers of variability to consolidated NextEra Energy adjusted EPS 2025 Potential Sources of Variability1 FPL Timing of investment ± $0.01–$0.02 Retail ROE (± 0.1% change) ± $0.015–$0.02 NextEra Energy Resources Wind resource2 (± 1% deviation) ± $0.01–$0.015 Asset reliability3 (± 1% EFOR)
Slide 23: NextEra Energy's credit metrics remain on track
NextEra Energy’s credit metrics remain on track NextEra Energy Credit Metrics1 S&P A- Range Downgrade Threshold Actual 2024 Target 2025 FFO/Debt 13%–23% 18% 19.3% >18% Moody’s Baa Range Downgrade Threshold Actual 2024 Target 2025 CFO Pre-WC/Debt 13%–22% 17% 19.4% >17% Fitch A Midpoint Downgrade Thre
Slide 24: Energy Resources Projected 2025 Portfolio Financial Information
NextEra Energy Resources Projected 2025 Portfolio Financial Information (includes NEER’s share of XPLR Infrastructure assets; $MM) Value of pre-tax tax Adjusted Pre-Tax Remaining credits included in Debt Service 3 Other 4 EBITDA1 2 Cash Flows 5 Contract Life6 adjusted EBITDA 7 New Clean Energy Asset
Slide 25: NextEra Energy Resources Wind Production Index
NextEra Energy Resources Wind Production Index1,2 2024 2025 1ST QTR 2ND QTR 3RD QTR 4TH QTR 1ST QTR Location MW Jan Feb Mar QTR MW QTR MW QTR MW QTR YE MW Jan Feb Mar QTR Midwest 5,788 82% 98% 109% 96% 5,788 108% 5,788 92% 5,788 98% 99% 5,788 110% 102% 110% 107% West 5,774 83% 91% 98% 91% 5,774 108%
Slide 26: NextEra Energy Resources Renewables Development Program
NextEra Energy Resources Renewables Development Program1,2 Wind (GW) Solar (GW) Storage (GW) Region 2024–2025 2026–2027 Region 2024–2025 2026–2027 Region 2024–2025 2026–2027 Northeast 0.0 0.0 Northeast 0.4 0.3 Northeast 0.0 0.0 Southeast 0.0 0.0 Southeast 2.4 2.6 Southeast 0.0 0.7 Midwest 1.7 1.5 Mi
Slide 27: Non-Qualifying Hedges - Summary of Activity
Non-Qualifying Hedges1 - Summary of Activity ($ millions, after-tax) Primary Drivers: Asset/(Liability) Balance as of 12/31/242 ($647) Interest Rate Hedges ($836) Amounts Realized During 1st Quarter 126 Upstream Hedges (231) Change in Forward Prices (all positions) (640) Electricity Related Position
Slide 28: Non-Qualifying Hedges - Summary of First Quarter Activity
Non-Qualifying Hedges1 - Summary of First Quarter Activity ($ millions) 1st Quarter Asset / Asset / (Liability) Change in Total (Liability) Balance Amounts Forward NQH Gain / Balance Description 12/31/24 Realized Prices (Loss) 3/31/25 Pretax amounts at share Electricity related positions $ (855) $ 1
Slide 29: Non-Qualifying Hedges - Summary of Forward Maturity
Non-Qualifying Hedges1,2 - Summary of Forward Maturity ($ millions) Gain / (Loss) Asset / (Liability) Balance Total Description 3/31/25 2025 2026 2027 2028 2029–2050 2025–2050 Pretax amounts at share Electricity related positions $ (537) $ 83 $ 140 $ 94 $ 59 $ 161 $ 537 Upstream related positions (8
Slide 30: Reconciliation of GAAP Net Income to Adjusted Earnings (Q1 2025)
Reconciliation of GAAP Net Income to Adjusted Earnings Attributable to NextEra Energy, Inc. (Three Months Ended March 31, 2025) Energy Corporate & NextEra (millions, except per share amounts) FPL Resources Other Energy, Inc. Net Income Attributable to NextEra Energy, Inc. $ 1,316 $ 172 $ (655) $ 833
Slide 31: Reconciliation of GAAP Net Income to Adjusted Earnings (Q1 2024)
Reconciliation of GAAP Net Income to Adjusted Earnings Attributable to NextEra Energy, Inc. (Three Months Ended March 31, 2024) Energy Corporate & NextEra (millions, except per share amounts) FPL Resources Other Energy, Inc. Net Income Attributable to NextEra Energy, Inc. $ 1,172 $ 966 $ 130 $ 2,268
Slide 32: Definitional information
Definitional information NextEra Energy, Inc. Adjusted Earnings Expectations NextEra Energy Resources, LLC. NextEra Energy Resources, LLC. (including subsidiaries as applicable) Adjusted EBITDA Adjusted EBITDA by Asset Category This presentation refers to adjusted earnings per share Adjusted EBITDA
Slide 33: Cautionary Statement And Risk Factors That May Affect Future Results
Cautionary Statement And Risk Factors That May Affect Future Results This presentation contains “forward-looking are subject to risks and uncertainties that could to environmental laws, regulations and other negotiation of project development agreements, statements” within the meaning of the safe ca
Slide 34: Cautionary Statement And Risk Factors That May Affect Future Results (cont.)
Cautionary Statement And Risk Factors That May Affect Future Results (cont.) risk of increased operating costs resulting from limited liquidity in over-the-counter markets; ability to fund its liquidity and capital needs and sole discretion of NextEra Energy's board of unfavorable supply costs neces